What are the Capitec account opening requirements for foreigners. Capitec, the biggest bank in South Africa in terms of the number of customers, is also very popular among foreign nations. Many of these people come to South Africa to look for work. There are currently millions of people from Africa and around the world who live and work in the country.
These people are from Zimbabwe, Malawi, Mozambique, Lesotho, the U.K, the US and elsewhere. If you are one of them, you will discover that one of the first things that you will need to do when you arrive in the country is to open a bank account. That’s essential if you are going to access the country’s financial institutions. But what do you need when opening an account?
What do foreigners need when opening Capitec accounts?
The following are the Capitec account opening requirements for foreigners;
- You need to have permanent residence permit. Permanent residents also need to be formally employed. You will be asked to produce proof of this when opening an account.
- If you are a temporary resident with a work permit, you can also open an account. Similar to the first case, you also need to be formally employed.
- You will have to complete and sign a Declaration of Assets and Liabilities. You can get one at your nearest Capitec branch.
How long with my account be valid if I have temporary residence?
Those are the Capitec account opening requirements for foreigners. One thing to note is that the majority of foreign nationals living in South Africa have temporary residence. That could be in the form of a special skills permit, as an example.
If you fall into this category, you need to note that your account with Capitec will only be valid for the duration of your work permit. Once that expires, you will no longer have access to your account. So, you will need to present evidence that your permit has been renewed.
Here are the Capitec business account opening requirements
Does Capitec open accounts for refugees and asylum seekers?
Unfortunately, Capitec does not open accounts for refugees and asylum seekers. Fortunately, there are other banks out there that carter for people who fall into this category.
Those are the Capitec account opening requirements for foreigners. In this article, we noted that there are many foreign nationals living and working in South Africa. Most of those that are here legally will have need for bank accounts. That’s required for work and for other situations. The good news is that you can open a Capitec bank account if you have the correct legal status.